Banro Corporation to Exit From Congo Gold Mine

SEATTLE (Scrap Monster): Toronto, Canada-headquartered Banro Corporation announced that it plans to sell its Namoya gold mine in eastern Congo at substantial discounts. The announcement to this effect was made by Brett Richards, Chairman, Banro during a recent interview with a press agency. The sale of the mine could lead to the miner’s exit from the Democratic Republic of Congo (DRC).

According to him, the company’s decision to quit from Congo gold mine operations is primarily due to security concerns. Despite repeated pleas, the government has failed to step up safety in the region. He referred to the incident which took place last year, in which one of the company’s staff was kidnapped.

Also, the mines in the region have been under constant threat from local militant groups. Since September 2019, the company has been forced to halt operations at several parts of the country.

The proposed sale of Namoya gold mine would be the second Congo assets sale by the company in less than one year. The company had recently sold its Twangiza mine, located in the South-Kivu province, to minority shareholder Baiyin International Investments of China for just $1.